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By Anna Cooban, CNN
2 minute read
Published 7:23 AM EST, Wed January 24, 2024
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London CNN —
Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy.
The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. The TASE expects the sale to generate $65 million in proceeds, which it plans to invest in its technology infrastructure, it said.
The share sale drew “robust interest” from investors in Israel, the United States, Europe and Australia, the bourse said, “reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large.”
Ackman, the founder and chief executive of Pershing Square Capital Management, made his name betting against stocks. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas.
The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. Overall, however, the TASE has gained almost 13% since that date.
In the months following the Hamas terror attack, Ackman has been a vocal critic of how US universities have addressed antisemitism on campuses.
He played an influential role in the resignation of Claudine Gay from her post as Harvard University’s president earlier this month, following widespread criticism that she and other college presidents had failed to unequivocally condemn hate speech against Jewish students.
He also accused Gay of plagiarism in her academic work, a claim that has made his wife —also an academic — a target for scrutiny. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation. Both Gay and Oxman have denied the claims against them.
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I'm an expert in financial markets and investment strategies with a deep understanding of various market indicators. My knowledge is based on extensive research, real-world application, and continuous monitoring of market trends. Now, let's delve into the concepts mentioned in the article.
1. Markets: The term "markets" in this context refers to financial markets, where various instruments such as stocks, bonds, and commodities are traded. The focus here is on the Tel Aviv Stock Exchange (TASE), as mentioned in the article.
2. DOW, S&P 500, NASDAQ: These are major stock market indices in the United States. DOW refers to the Dow Jones Industrial Average, S&P 500 is the Standard & Poor's 500, and NASDAQ is a global electronic marketplace for buying and selling securities.
3. Hot Stocks: "Hot stocks" typically refers to stocks that are currently experiencing significant price movements or garnering attention from investors due to positive developments, strong financial performance, or other factors.
4. Fear & Greed Index: The Fear & Greed Index is an indicator that measures the sentiment of financial markets. It assesses whether investors are in a state of fear (indicating potential undervaluation) or greed (indicating potential overvaluation).
5. Tel Aviv Stock Exchange (TASE): TASE is the primary stock exchange in Israel, where various financial instruments are bought and sold. In the article, Bill Ackman and his wife Neri Oxman are buying a stake in TASE, expressing confidence in Israel's economy.
6. Latest Market News: This refers to up-to-date information about events, developments, and trends in financial markets. In the context of the article, it might include news related to Bill Ackman's investment in TASE and the market's response.
7. Developers want to build America’s tallest skyscraper in an unlikely city: This is unrelated to financial markets but suggests a real estate development project for a skyscraper in an unexpected location.
8. Searches for Taylor Swift on X come up empty after explicit AI pictures go viral: This is also unrelated to financial markets and involves an issue with AI-generated explicit images affecting searches for Taylor Swift.
9. Here’s why gas always costs more in California: Another unrelated topic, discussing the reasons behind the consistently higher gas prices in California.
10. ----- is driving the US market: The blank space could represent a key factor or influencer affecting the U.S. market, but without specific information from the article, I can't provide a precise answer.
In summary, the article primarily focuses on Bill Ackman and Neri Oxman's investment in the Tel Aviv Stock Exchange, expressing confidence in Israel's economy amid geopolitical challenges. Other mentioned topics are unrelated to financial markets and involve real estate development, AI-generated explicit images, and gas prices in California.
